Since we are going to spend money on things we need and want anyway, why not make some extra cash doing it. This website give cash back to shop!
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For years college savings accounts could only be used for qualified college education expenses. Now, 529 college savings plans can be used to pay for private school.
“The tax change that passed in December 2017 included legislation to expand the use of 529 plans to cover tuition for K-12 education.” – Reyna Gobel
Although these college savings plans are supposed to be used for your child’s higher education, the money saved in these accounts can now be used for different situations.
In this episode of Financial Fornicating with Madam Money Podcast, Financial Advisor Kevin Matthews II, of BuildingBread.com, shares
- What a 529 Savings Plan is
- 529 Savings Plan Pros and Cons
- The new changes to 529 Tax Code and how it may benefit you and your family
About Kevin Matthews II
Kevin L. Matthews II is a licensed financial advisor, author, and speaker. Kevin has helped hundreds of individuals plan for their retirement and send their children and grandchildren to college. In 2010, Kevin launched BuildingBread, to inspire millennials to set, simplify and achieve any financial goal. Kevin regularly speaks to young adults across the country and has been featured in several media publications and productions including The Wall Street Journal, The New York Times, LearnVest, NerdWallet, and many others.
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I recently wrote an article for BlackEnterprise.com about a new app that teaches kids to save and invest. I love the app so much that I had to share it…
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By Cameron Huddleston | Syndicated | Originally Posted
(Photo: CDN Shopping Blog)
Memorial Day signals the start of summer – and an opportunity to score great savings on a variety of products. Big-ticket items, in particular, will be deeply discounted during sales over the long holiday weekend. In fact, some retailers already have launched their Memorial Day sales, so you can take advantage of deals now without interrupting your holiday plans. Here’s what you can expect to marked down now, through the weekend and into next week.
Apparel. The majority of Memorial Day deals will be on spring apparel, says Louis Ramirez, senior features writer for deal and coupon site DealNews.com. Expect to see discounts ranging from 40% to 90% from retailers such as 6pm.com, Eddie Bauer, H&M, Kohl’s, JCPenney, Macy’s and Old Navy. Designer brands such as Calvin Klein, Ralph Lauren and Steve Madden will mark down spring apparel by 30% to 75%, Ramirez says. Also look for coupons for an additional 15% to 40% off already discounted items. See Best Ways to Get Online Coupon Codes and 8 Great Coupon Apps for tips on finding coupons for online and in-store purchases.
You’ll also see discounts on summer clothing – just not as deep as the markdowns on spring apparel. Brent Shelton of cash-back shopping site FatWallet.com recommends shopping for discounted clothing before the long weekend to beat the crowds and ensure a better selection.
Appliances. This is one of the best times of the year to find deals on major appliances especially refrigerators. Consumers can expect discounts ranging from 10% to 65% at retailers such as AppliancesConnection.com, Best Buy, Home Depot, Lowe’s and Sears, says Howard Schaffer, vice president of deal site Offers.com. Also look for online coupon codes for additional savings, free shipping and 0% financing, he says. Most sales will start Friday and end Monday, but some will continue through next week.
Home goods and kitchenware. Department stores such as JCPenney and Kohl’s have marked down small kitchen appliances and bed and bath items 30% to 50%, and Macy’s has discounts of up to 60%.
Mattresses. Memorial Day sales represent the best time of year to buy mattresses, as mattress retailers offer discounts of 50% or more, Shelton says. Look for markdowns at department stores such as Macy’s and Sears, and at local retailers. For the past two years, Groupon has also taken up to 83% off a selection of mattresses as part of its Memorial Day sales, Ramirez says. You’ll also find that many stores will offer 0% financing until 2020 and free delivery, Schaffer says.
Outdoor items. The best time to find deep discounts on grills, patio furniture, mowers, lawn equipment and other outdoor items is at the end of summer. But if you want to enjoy them during the warm weather, you’ll find discounts of 20% to 50% during sales over the long holiday weekend, Schaffer says.
We love Teachers! And despite their modest (and agreeably lower than they deserve) salaries, many Teachers still want cool stuff for their classroom, without going broke.
So, we found these cool Money Saving Tips for Teachers from WeAreTeachers.com.
Personal Finance Tips
1. Claim your educator tax deductions.
When you file your taxes this spring, don’t miss those educator tax deductions! There’s a $250 above-the-line deduction for classroom supplies (which means no need to itemize, holla!), as well as a tuition and professional development deduction if you’ve been continuing your own education. Sure, we wish it were larger, but don’t leave money on the tax table. Learn more here.
2. Track your expenses to reduce monthly bills.
“Get your finances under control by recording everything you spend. Get a spreadsheet going and take a few minutes a day to write things down and check your receipts. Once you’ve done that, you will know exactly what you’re spending your money on and where you can save so that you do not throw money away.” —Carolyn B., via WeAreTeachers Facebook
3. Build up an emergency fund.
“Every year, expect that unexpected expenses will come up, so you need an emergency fund. Set up an automatic transfer to savings of a little bit each paycheck, $100 or so, that you do not touch unless it’s really an emergency.” —Samantha C., via Facebook
4. Open a tax-sheltered annuity to increase retirement savings.
“A 403(b) tax-sheltered annuity will help you save more for retirement. I’m 20 years in, and I have saved more than $200,000 beyond my pension so far. Every little bit helps!” —AnnMarie D., via Facebook
CREDIT CARD TIPS
5. Choose credit cards wisely.
It is easy to slide into credit card pitfalls—the plastic is just so enticing. When deciding to open a new card, pay major attention to the interest rate. Make sure you are aware of whether it has a fixed rate or variable rate; typically fixed-rate cards are a more stable choice in the end, even if variables seem low at the start to reel you in. If the rewards are reeling you in, ruthlessly consider which rewards you will really use.
6. Pay off debt one account at a time.
If your credit card debt has piled up to more than you can easily pay each month, it is time to stop all credit card spending and start paying down the balances. Itemize your existing credit card debt and focus on one account at a time for the easiest strategy to reduce debt painlessly. In the meantime, use only your debit card. Here’s how to make it happen step-by-step.
CLASSROOM SUPPLY SAVINGS TIPS
7. Don’t be shy about mining your village.
Before you buy, always ask your colleagues and teacher friends if they have items you can have or borrow. Veteran teachers might be looking to downsize through donation. “Go ahead and ask your fellow teachers for unusual things. My co-workers are used to my emails asking for all sorts of crazy things for my class!” —Sharon Beth H., via Facebook
8. Ask parents to help with classroom supplies.
If you can, involve your students’ parents in supplementing classroom supplies before you supplement via your own wallet. At the beginning of the year when parents visit the classroom for open house and back-to-school nights, let them know which items you can use. And throughout the year, send home voluntary wish lists for items you’re low on in the classroom. You may be surprised by the level of parent participation when you make specific requests.
Need more ideas? Here are six more teacher tips on stretching your supply budget.
9. Seek out grants and supply-donation programs.
Time equals money, so take the time to apply for school-supply donation programs, as well as state and local union grants. Some programs our readers recommend are NEA Foundation grants, DonorsChoose.org and Kids in Need Foundation.
10. Ask local businesses for donations for the classroom.
You also can ask businesses and restaurants in your community to donate supplies for your classroom. They may have wholesale and bulk items they can spare, and they may appreciate the tax write-off. “Local businesses, restaurants and even fast-food places have donated to my classroom in the past. Parents are a great resource for locating those friendly businesses and pro-education business owners too.” —Gwen B., via Facebook
SHOPPING TIPS
11. Plan all meals.
That chai latte on the way to work, lunch take-out orders and restaurant visits add up … way up! One of the easiest ways to increase your cash flow is by planning and making all of your meals yourself. “Meal planning changed my life! I meal-plan every Sunday evening, and now I bring my lunch and snacks to school and keep all drinks in my room to stop vending machine spending. Planning like this keeps me out of the store too!” —Sarah I., via Facebook
12. Cut your grocery bill in half.
No, you don’t have to become consumed by coupons or set up a room in your house to store 3,000 bottles of Worcestershire sauce. But there are easy strategies for reducing your grocery bill. Use these tactics to plan your grocery spending with as much care as you plan your lessons.
13. Don’t be afraid to negotiate when shopping.
We all know that negotiation is important when buying a big item such as a car, but did you know that you can negotiate the price of practically anything? Check out these savvy tips for bringing the price down on everyday purchases.
14. Use those teacher discounts!
Think beyond the craft-store bonus (besides, we’ve established that you’re cutting back on buying classroom extras, right?) and really pay attention to the discounts and rewards you can get when you shop through NEA Click and Save. NEA members can save big bucks every time you need new shoes, workout gear, toys, cosmetics, eyewear, event tickets and more!
Plus, make sure you check out this ginormous list of educator-only discounts on classroom supplies, books and magazines, electronics, entertainment, travel, and much more. You’ll be surprised by how many places will give you a discount just for being a teacher!
EXTRA INCOME TIPS
15. Look for summer earnings.
Finding a paid position for those two to three months of summer break can be an ideal way to get ahead of your finances and survive that summer paycheck. If you need a breather from the classroom, look beyond summer school for other places to land your perfect summer job.
16. Seek out tutoring opportunities.
After-school and weekend tutoring can be surprisingly profitable, whether through your district’s homebound student program or via private programs. Teachers all over the country report making anywhere between $20 and $100 per hour through various tutoring jobs. Check with your district and local tutoring companies, and post your services within your community.
17. Monetize your hobby.
Turn your passion into profit! If you’re already exercising your creativity, you might as well reap the possible financial rewards of a part-time business. If you’re an education blogger or classroom resource creator, sign up for Teachers Pay Teachers to offer your original lesson plans and craft guides for sale online. If you craft for pleasure, open an Etsy site to sell your art to others.
…(Continue reading 20 Best Money Saving Tips for Teachers via WeAreTeachers.com)
Having an emergency savings fund can save you from significant financial hardship.
[ctt template=”8″ link=”Q2Ozl” via=”no” ]“… for money to save you, first, you must save it.” – Kevin O’Leary of Shark Tank[/ctt]Financial experts agree and recommend that consumers should work to have three to six months of living expenses saved for emergencies, in addition to long-term savings. Three to six months of monthly expenses saved may seem like a significant and unattainable amount, but it is possible. Here are 6 Easy Emergency Savings Set Up Tips.
Make a Commitment.
One of the hardest part of saving is not the act of saving, rather, it is making the conscious commitment to save on a consistent basis. Making a commitment to save is the first step in establishing an emergency savings account. Once you are mentally ready to save, the act of saving will become easier. Start by taking this Pledge to Save by America Saves.
Determine how much is needed.
Simply add up all of your monthly expenses and multiply that amount by the number of months (ex. three or six months). This will tell you what your emergency savings goal should be. You can also use this Emergency Savings Calculator to determine how much you should save. Knowing the amount needed for your emergency savings fund is the first and most important step.
Take baby steps.
The total emergency savings amount may seem big and intimidating, but don’t let that number discourage you from saving. “How do you eat an elephant?” The answer of “One bite at a time” applies to saving as well. Break your big emergency savings goal into realistic and reasonable bite size goals.
For example, if your total emergency savings goal amount is $10,000, break that goal into smaller goals of $2,500 per year over four years. This makes that big intimidating goal into a SMART (Small, Meaningful, Achievable, Repetitive, and Trackable) Saving Goal.
Automate your savings.
The easiest way to stay on track with your emergency savings goal is to automate your saving. Set up direct deposit of a percentage of your paycheck or a specific amount per pay period into a savings account.
[ctt template=”8″ link=”2bmMN” via=”no” ]Automating your savings will help make your saving repetitive and consistent.[/ctt]Make emergency savings account inconvenient to access.
Avoid having your emergency savings account at the same financial institution where you have your checking account. Open a savings account at another bank or credit union that you cannot easily access into but is accessible when necessary and needed.
Also, avoid getting an ATM or debit card for that account to eliminate the temptation of tapping into it.
Don’t tap that asset!
Sometimes, unexpected expenses or shopping temptations happen. However, not all unexpected expenses are emergencies. Avoid using your emergency savings account as an overdraft account when you do not have enough money in your checking account.
[ctt template=”8″ link=”YbMse” via=”no” ]Reverence your emergency savings account and protect it so that it will be enough when a true emergency arise.[/ctt]Building a true emergency savings fund takes time, persistence and consistency. It will not happen overnight or even over a year, but it will happen if you stay the course. Establishing and growing your emergency savings fund can be achievable and fun when you use these six easy emergency savings set up tips.
Join the 30 Days to Financial Freedom Challenge. It’s a free, online financial coaching resource.
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